**2.1 Central Bank of Nigeria**

This is the apex monetary authority in Nigeria established by 1958 Act of CBN and started operations on July 1, 1959. At that time it was saddled with the responsibilities of enhancing the quality of banking operations in the country. To achieve this mandate, the bank has evolved different programmes such as industry remedial programmes, risk-based supervision, establishment of regulatory framework, customer protection and internal transformation of the bank activities. Among the functions of the bank are to serve as the banker to the government, act as a banker to all other types of banks, hold foreign reserve of the country, manage the national debt of the country, serve as a lender of last resort and control deposit money banks.

## **2.2 Deposit money banks**

This is a financial institution that is registered to render financial services to the general public such as accepting deposit, providing loans, keeping valuables and serving as financial advisers to customers, among others. Banks in this category are older than the emergence of the Nigerian State. Foremost was the Bank of British West Africa which was founded in 1894. It is on record that indigenous banking started in 1929 with the establishment of the industrial and deposit money bank by a group of Nigerian and Ghanaian entrepreneurs. After independence in 1960, the Bank of British West Africa became the first Nigeria-based bank which is now known as First Bank of Nigeria. Presently, there are 25 deposit money banks in Nigeria as of October 2019 (www.cbn.gov.ng).

#### **2.3 Merchant banks**

A merchant bank is a specialist financial bank that provides wholesale banking, medium- and long-term finance, equipment leasing, debt factoring investments management and so on. This type of bank evolves in Nigeria back in the 1960 with the establishment of NAL Merchant Bank Plc. Over the years, a number of merchant banks have been registered by the government.

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*Bank Service Delivery in Nigeria*

**2.5 Microfinance bank**

**2.6 Mortgage bank**

with this responsibility.

management [2].

**3. Bank services in Nigeria**

*DOI: http://dx.doi.org/10.5772/intechopen.92075*

**2.4 Development finance institutions**

earners at lower echelon of the society.

This is a government bank established to perform itemised developmental functions in the economy. These functions include but are not limited to infrastructural developments in industry, agriculture, and commerce. These development banks' names project their function. In Nigeria, there is the Nigerian Industrial Development Bank and Bank of Industry for industrial development and the Nigerian Agricultural and Cooperative Bank for agricultural issues, among others.

The Central Bank of Nigeria described microfinance bank as a financial institution at the grassroots level to perform basic banking services to the poor. This bank is different from conventional deposit money bank because of its ease of operations, absence of asset-based collateral and smallness of loans advanced and/or savings. The roles of microfinance bank are not limited to address banking shortfall at the grassroots and provide timely, reasonable, varied and reliable banking services to the poor. It is meant to provide financial service intervention for the low-income

This type of bank in Nigeria is floated to coordinate housing development in the country. To achieve this mandate, individuals and corporate bodies are granted loans for this purpose, while repayment of loans is in instalments over the years. Like deposit money banks or microfinance banks, mortgage banks receive deposit from individuals and corporate bodies at a rate of interest, while such fund is lent out at a higher rate of interest. In Nigeria, the Federal Mortgage Bank is saddled

Based on the structure of banks discussed above, bank service is centred on financial intermediaries, that is, deposit collection and lending. However, in the Nigerian banking industry, different types of services have emerged but can be categorised into three major arms, namely, general banking covers account opening, deposit management and cash handling, credit such as loan disbursement and loan management and foreign exchange such as foreign currency and remittance

An overview of these services in Nigeria by the banks is provided below: The Central Bank of Nigeria coordinates with other banks, and this has been efficiently delivered over the years. For deposit money banks, some banking

services such as account openings, deposit mobilisation, advancing of loans, agency services such as making payments and collecting receipts, among others, and general utility services such as issuing letters of credit and safe custody of valuables, among others, are offered. In the case of merchant banking, services offered include but are not limited to corporate finance services such as management of private and public equity shares to corporate debt securities and provide expertise on investment advisory services, finance of large-scale industrial projects, advice on portfolio management, company floatation, financial planning as well as mergers
